Flathead Lake Real Estate
The new year started off at a slow pace with regard to Flathead Lake waterfront real estate sales. There was only one closed transaction on the East Shore for $4.5M.
Active listing inventory for the lake hit an all-time low record since the creation of this report in 2007 with 15 single-family residential listings and 13 vacant land listings.
Rising interest rates and inflationary pressures have imposed a cooling effect on the primary residential market that is spilling over into the waterfront sector. Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in some segments.
Overall prices are still relatively high, but the lack of inventory will likely result in fewer transactions and lower sales volume in 2023.
Pricing and Sales Summary:
January Significant Sale
23365 Hwy 35, Bigfork
200 Feet of Flathead Lake Frontage
5,089 sf Home plus guest cabin
8.4 Acres including Cherry Orchard
List Price: $5.5M
Along the east shore of Flathead Lake, just north of Yellow Bay, is this beautifully designed lake home. The driveway winds through the operating cherry orchard, past the 2 bdrm, 1 bath 1933 guest farmhouse, to the 3 bdrm + loft, 4.5 bath main home. The moment you enter the main residence, you are captivated by the panoramic lake views, perfectly framed by the wall of windows.
This home offers an oversized kitchen with a huge island for gathering, gorgeous dining, and a great room with a rock fireplace, along with a screened-in porch, a full family/game room on the lower, a walk-out area + 2 guest suites, and ample storage rooms. Or, if you are ready to enjoy the water, the 220 ft of frontage has a cabana & dock with a lift station. Plus, there are 30′ x 40′ storage buildings and 2 smaller ones.
Active Waterfront Listings
Residential and land waterfront inventory continues to hold record low levels. The combination of record sales over the past 24 months along with a lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory.
With several high-priced listings exiting the market, median residential prices have been hovering around $4M but jumped to over $5M in the past two months with only 15 higher-priced listings. Land prices held at just under $1.5M. With such limited inventory of both residential and land listings, median price trends have become volatile with higher-priced listings coming on and off the market.
Based on these data, it appears we have reached a plateau in prices and the sustainable bottom of inventory for the time being.
Flathead Lake Condominium Market
With nearly two dozen waterfront condominium communities around Flathead Lake, there has historically been plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home.
Below is a summary of currently active and sold units for 2022. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.